Bitcoin (BTC) spiked toward an all-time high around $68,950 after a stronger-than-expected U.S. inflation report on Wednesday. The cryptocurrency is now slightly lower, trading around $67,700 at press time, although buyers could hold support above $65,000 into the Asian trading session.
Intraday charts are showing initial signs of upside exhaustion, which typically leads to a brief pullback in BTC’s price. For example, the relative strength index (RSI) on the four-hour chart continues to hover near short-term overbought levels.
Still, upside momentum signals are improving on the daily price chart for the first time since Oct. 1, which preceded a price rally from $44,000. This suggests that buyers could remain active on pullbacks.
Two consecutive daily closes above an all-time price high would yield further upside targets, initially toward $86,000.